There is nothing wrong with a 30 year mortgage, you can always pay it off early. Payments were less and if you ran into hard times for a while (I've been out of work for 7 months and 5 months before), then the payment was more affordable. When times aren't tough, pay as much as you can over. It used to be that loans were tricky because there would be penalties for paying off early, and interest was paid off first - I think it is very rare to find something like that anymore unless you get a balloon loan. I've taken 5 year car loans knowing that I would pay it off in months. Hey, when you get a $1,000 incentive for financing for at least 3 months, even after interest I saved nearly all that versus paying cash. Those types of incentives usually come with a higher interest rate, but worth it even if you can't pay off you can still refi at a lower rate after 3 months. But, you have to be disciplined and actually follow your plan (pay off, make extra payments, refi), not just have good intentions. Also, don't use the longer payment to afford more house (or whatever).
May i disagree, respectfully. Home mortgages and home prices are fairly straightforward, like you said, but car pricing and interest are not. Dealers can and will finangle the price of a car and give you an interest rate they see fit. Usually you get a discount in the form of rebates/allowances, OR, a better interest rate. (If financing , especially through the manufacturer) (I feel certain you get your own financing through a bank or credit union)
Unfortunately far too many people do exactly that. Also borrow against the increased value of the home. Not a good place to be in a downturned economy.
The new car that I financed for a couple of months was thru the Ford Credit at 6.9% (not a bank or credit union). The going bank rate was at 2.x%. You are right, you have to be intelligent when buying a car and not use the vehicle payment as a guide. If I was to finance it for more than a couple of months, I would have used another financial institute (or taken the deal and refinanced after 3 months). The ONLY reason I financed any of it was for that $1k off the price (and I financed the minimum of $5k so interest wasn't much of a concern). Like I stated, it only works if you have a plan AND STICK TO IT. I guess I should have added that you have to understand the numbers. Ford credit banks on people having the intention to switch to a lower rate, but not doing it. And really, the total outlay would have been about the same (lower interest rate versus incentive). When I financed my current Explorer for 2 months (until I sold the bike), I did go thru a financial institute. But that was a different situation in the vehicle was used and there was no opportunity for a rebate/incentive so I went with the lowest interest rate. I have exactly zero payments to banks/lenders - I worked 2 jobs for a couple of years in order to garner enough savings to ensure large purchases could be a cash option.
Awesome. Seems most people can't see that far ahead. (And, as Dave Ramsey calls it, they are stealing from their future.)
I am into a 8’ X 16” sauna and changing room project myself, and am plowing ahead. I have the building pad down, and now pricing materials, including wood sauna stoves. The western red cedar for the actual sauna portion of the building is going to be about $3000.. I figure by the time everything is buttoned up I will be at around $15,000. I am not sure how much it would be if I was paying someone to build it…but it would be a lot more. I built a 10’ X 16’ bunkhouse about 5 years ago and it was well less than half the price of this current modest project. I am still plowing money into the market, and am glad I am still working and making money to invest while markets are down. The more expensive things get, and cheaper stocks go, the less I want to save any cash at all.
There's a bunch of us here that have the Kuuma furnace, not sure about the sauna stoves though...I have also heard good things.
I will top off my 401k for the rest of the year. Any "extra" money is getting invested into my house and property.
Guys on the other side of the lake have a kuuma sauna stove that they use to heat their house. They really like it.
I'm sure not...just funnin about it...you would still be able to have the rocks in it for some thermal mass though. Back to the investment discussion...
Hoarders please be careful on investments; everyone will tell you about price to earnings P/E ratios But of course the earnings ratios are going to be high with inflation at a 40 year high.
Mine was........(was) doing well until this past year and specifically lately. I was going to use it to pay down the mortgage but will now wait until there is some sort of recovery. Mine is mostly conservative but even that is affected lately. I guess it would be a good time to start one with prices being lower.
WWW's getting antsy. When I set it up I chose a boiler plate/packaged portfolio which he made changes to this last year (which unfortunately did not stop the loss). He said, pull out now with 50% penalty or watch it go even lower? Idk.
